Infosys Technologies

BSE: 500209 NSE: INFO ISIN: INE009A01021

Industry : Computers - Software

Balance Sheet ------------------- in Rs. Cr. -------------------

Mar '03 Mar '04 Mar '05 Mar '06 Mar '07

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 33.12 33.32 135.29 138 286
Equity Share Capital 33.12 33.32 135.29 138 286
Share Application Money 0 0 0 0 0
Preference Share Capital 0 0 0 0 0
Reserves 2,827.53 3,220.11 5,106.44 6,759.00 10,876.00
Revaluation Reserves 0 0 0 0 0
Networth 2,860.65 3,253.43 5,241.73 6,897.00 11,162.00
Secured Loans 0 0 0 0 0
Unsecured Loans 0 0 0 0 0
Total Debt 0 0 0 0 0
Total Liabilities 2,860.65 3,253.43 5,241.73 6,897.00 11,162.00
Mar '03 Mar '04 Mar '05 Mar '06 Mar '07

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
Gross Block 1,273.31 1,570.23 2,182.72 2,837.00 3,889.00
Less: Accum. Depreciation 577.15 803.41 1,005.82 1,275.00 1,739.00
Net Block 696.16 766.82 1,176.90 1,562.00 2,150.00
Capital Work in Progress 76.56 203.48 317.52 571 957
Investments 33.2 1,027.38 1,328.70 876 839
Inventories 0 0 0 0 0
Sundry Debtors 512.14 632.51 1,252.82 1,518.00 2,292.00
Cash and Bank Balance 206.7 338.69 268.15 544 680
Total Current Assets 718.84 971.2 1,520.97 2,062.00 2,972.00
Loans and Advances 909.59 868.75 1,030.29 1,308.00 1,241.00
Fixed Deposits 1,129.53 1,299.32 1,213.39 2,735.00 4,827.00
Total CA, Loans & Advances 2,757.96 3,139.27 3,764.65 6,105.00 9,040.00
Deffered Credit 0 0 0 0 0
Current Liabilities 315.25 560.44 578.56 808 1,162.00
Provisions 387.98 1,323.08 767.48 1,409.00 662
Total CL & Provisions 703.23 1,883.52 1,346.04 2,217.00 1,824.00
Net Current Assets 2,054.73 1,255.75 2,418.61 3,888.00 7,216.00
Miscellaneous Expenses 0 0 0 0 0
Total Assets 2,860.65 3,253.43 5,241.73 6,897.00 11,162.00

Contingent Liabilities 101.66 197.02 289.87 523 670

Book Value (Rs) 431.84 488.2 193.73 250.29 195.41

Company Name Last Price Change % Change Net Sales

Infosys 1,432.80 -42.05 -2.85 13,149.00

Profit & Loss account ------------------- in Rs. Cr. -------------------
Mar '03 Mar '04 Mar '05 Mar '06 Mar '07

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 3,622.69 4,760.89 6,859.66 9,028.00 13,149.00
Excise Duty 0 0 0 0 0
Net Sales 3,622.69 4,760.89 6,859.66 9,028.00 13,149.00
Other Income 75.84 117.72 172.79 144 379
Stock Adjustments 0 0 0 0 0
Total Income 3,698.53 4,878.61 7,032.45 9,172.00 13,528.00
Expenditure
Raw Materials 6.46 9.13 13.55 16 22
Power & Fuel Cost 22.6 28.72 40.2 62 88
Employee Cost 1,677.12 2,367.35 3,183.25 4,274.00 6,316.00
Other Manufacturing Expenses 175.67 240.17 563.47 792 1,290.00
Selling and Admin Expenses 418.38 499.86 697.15 773.49 1,050.53
Miscellaneous Expenses 49.67 31.26 35.84 120.51 156.47
Preoperative Exp Capitalised 0 0 0 0 0
Total Expenses 2,349.90 3,176.49 4,533.46 6,038.00 8,923.00
Mar '03 Mar '04 Mar '05 Mar '06 Mar '07

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 1,272.79 1,584.40 2,326.20 2,990.00 4,226.00

PBDIT 1,348.63 1,702.12 2,498.99 3,134.00 4,605.00
Interest 0.75 0.75 1.09 1 1
PBDT 1,347.88 1,701.37 2,497.90 3,133.00 4,604.00
Depreciation 188.95 230.9 268.22 409 469
Other Written Off 0 0 0 0 0
Profit Before Tax 1,158.93 1,470.47 2,229.68 2,724.00 4,135.00
Extra-ordinary items -1.5 0.49 -4.59 0 -5
PBT (Post Extra-ord Items) 1,157.43 1,470.96 2,225.09 2,724.00 4,130.00
Tax 199.5 227.49 325.3 303 352
Reported Net Profit 957.93 1,243.47 1,904.38 2,421.00 3,783.00
Total Value Addition 2,343.44 3,167.36 4,519.91 6,022.00 8,901.00
Preference Dividend 0 0 0 0 0
Equity Dividend 178.81 862.46 309.8 1,238.00 649
Corporate Dividend Tax 12.3 110.5 42.17 174 102
Per share data (annualised)
Shares in issue (lakhs) 662.43 666.41 2,705.71 2,755.55 5,712.10
Earning Per Share (Rs) 144.61 186.59 70.38 87.86 66.23
Equity Dividend (%) 540 2,590.00 230 900 230
Book Value (Rs) 431.84 488.2 193.73 250.29 195.41
Cash Flow ------------------- in Rs. Cr. -------------------
Mar '03 Mar '04 Mar '05 Mar '06 Mar '07

12 mths 12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax 1158.93 1470.47 2184.49 2724 4129

Net Cash From Operating Activities 915.96 1633.97 1359.7 2237 3256
Net Cash (used in)/from
Investing Activities -153.41 -1332.01 -939.88 -392 -1065
Net Cash (used in)/from Financing Activities -151.97 -94.48 -580.1 244 -316
Net (decrease)/increase In
Cash and Cash Equivalents 611.55 200.89 -156.32 2096 1871
Opening Cash & Cash Equivalents 1026.96 1638.51 1839.4 1683 3779
Closing Cash & Cash Equivalents 1638.51 1839.4 1683.08 3779 5650
 ------------------- in Rs. Cr. -------------------
Mar '03 Mar '04 Mar '05 Mar '06 Mar '07

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 3,622.69 4,760.89 6,859.66 9,028.00 13,149.00
Excise Duty 0 0 0 0 0
Net Sales 3,622.69 4,760.89 6,859.66 9,028.00 13,149.00
Other Income 75.84 117.72 172.79 144 379
Stock Adjustments 0 0 0 0 0
Total Income 3,698.53 4,878.61 7,032.45 9,172.00 13,528.00
Expenditure
Raw Materials 6.46 9.13 13.55 16 22
Power & Fuel Cost 22.6 28.72 40.2 62 88
Employee Cost 1,677.12 2,367.35 3,183.25 4,274.00 6,316.00
Other Manufacturing Expenses 175.67 240.17 563.47 792 1,290.00
Selling and Admin Expenses 418.38 499.86 697.15 773.49 1,050.53
Miscellaneous Expenses 49.67 31.26 35.84 120.51 156.47
Preoperative Exp Capitalised 0 0 0 0 0
Total Expenses 2,349.90 3,176.49 4,533.46 6,038.00 8,923.00
Mar '03 Mar '04 Mar '05 Mar '06 Mar '07

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 1,272.79 1,584.40 2,326.20 2,990.00 4,226.00

PBDIT 1,348.63 1,702.12 2,498.99 3,134.00 4,605.00
Interest 0.75 0.75 1.09 1 1
PBDT 1,347.88 1,701.37 2,497.90 3,133.00 4,604.00
Depreciation 188.95 230.9 268.22 409 469
Other Written Off 0 0 0 0 0
Profit Before Tax 1,158.93 1,470.47 2,229.68 2,724.00 4,135.00
Extra-ordinary items -1.5 0.49 -4.59 0 -5
PBT (Post Extra-ord Items) 1,157.43 1,470.96 2,225.09 2,724.00 4,130.00
Tax 199.5 227.49 325.3 303 352
Reported Net Profit 957.93 1,243.47 1,904.38 2,421.00 3,783.00
Total Value Addition 2,343.44 3,167.36 4,519.91 6,022.00 8,901.00
Preference Dividend 0 0 0 0 0
Equity Dividend 178.81 862.46 309.8 1,238.00 649
Corporate Dividend Tax 12.3 110.5 42.17 174 102
Per share data (annualised)
Shares in issue (lakhs) 662.43 666.41 2,705.71 2,755.55 5,712.10
Earning Per Share (Rs) 144.61 186.59 70.38 87.86 66.23
Equity Dividend (%) 540 2,590.00 230 900 230
Book Value (Rs) 431.84 488.2 193.73 250.29 195.41
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Mar '03 Mar '04 Mar '05 Mar '06 Mar '07 Average
0.00178 0.00192 0.00198 0.00177 0.00167 0.00182
0.00624 0.00603 0.00586 0.00687 0.00669 0.00634
0.46295 0.49725 0.46405 0.47342 0.48034 0.47560
0.04849 0.05045 0.08214 0.08773 0.09811 0.07338
0.11549 0.10499 0.10163 0.08568 0.07989 0.09754
0.01371 0.00657 0.00522 0.01335 0.01190 0.01015
Trrigers Probability Growth Relative growth
Financial Service sector 0.25 0.38 0.095
Western Eouropian market 0.15 0.22 0.033
Government policy 0.2 0.15 0.03
Domestic market 0.2 0.25 0.05
Innovation 0.2 0.4 0.08
Total Relative growth 0.288
Economic Growth 0.085
0.373
Total Growth 37.3
 1 2 3 4
Year 2006 2007 2008 2009 2010
Net Sales 9,028.00 13,149.00 18053.58 24787.56 34033.32
Raw Materials 22 32.93559 45.22057 62.08784
Power & Fuel Cost 88 114.4284 157.1102 215.7123
Employee Cost 6,316.00 8586.312 11789.01 16186.31
Other Manufacturing Expenses 1,290.00 1324.822 1818.981 2497.46
Selling and Admin Expenses 1,050.53 1760.885 2417.696 3319.496
Miscellaneous Expenses 156.47 183.243 251.5927 345.4368
Total Expenses 12002.63 16479.61 22626.5

Gross profit 6050.95 8307.955 11406.82

Other income 379 520.367 714.4639 980.9589
EBIDTA 6571.317 9022.419 12387.78
Interest 1 1.373 1.885129 2.588282
EBDTA 6569.944 9020.534 12385.19
Depriciation 469 643.937 884.1255 1213.904
EBT 5926.007 8136.408 11171.29
Tax 1470.363 2018.808 2771.823
PAT 4455.645 6117.6 8399.465
No of shares (in lakhs) 5,712.10 5,712.10 5,712.10 5,712.10
EPS 78.00362 107.099 147.0469

Share price(Rs) 1,432.80

P/E ratio 18.36838 13.37828 9.743831
Enterprise value 120704.4 120704.4 120704.4
eg.
44,556,450,000.00
571,210,000.00
78.00